Notice2024-15442
Reporting and Recordkeeping Requirements Under OMB Review
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 15, 2024
Issuing agencies
Small Business Administration
Abstract
The Small Business Administration (SBA) is seeking approval from the Office of Management and Budget (OMB) for the information collection described below. In accordance with the Paperwork Reduction Act and OMB procedures, SBA is publishing this notice to allow all interested member of the public an additional 30 days to provide comments on the proposed collection of information.
Full Text
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<title>Federal Register, Volume 89 Issue 135 (Monday, July 15, 2024)</title>
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[Federal Register Volume 89, Number 135 (Monday, July 15, 2024)]
[Notices]
[Pages 57495-57496]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-15442]
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SMALL BUSINESS ADMINISTRATION
Reporting and Recordkeeping Requirements Under OMB Review
AGENCY: Small Business Administration.
ACTION: 30-Day notice.
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SUMMARY: The Small Business Administration (SBA) is seeking approval
from the Office of Management and Budget (OMB) for the information
collection described below. In accordance with the Paperwork Reduction
Act and OMB procedures, SBA is publishing this notice to allow all
interested member of the public an additional 30 days to provide
comments on the proposed collection of information.
DATES: Submit comments on or before August 14, 2024.
ADDRESSES: Send all comments to Gregorius Suryadi, Senior Financial and
Loan Specialist, Office of Financial Assistance, Small Business
Administration, Washington, DC 20416.
FOR FURTHER INFORMATION CONTACT: Gregorius Suryadi, Senior Financial
and Loan Specialist, 202-205-6806, <a href="/cdn-cgi/l/email-protection#41263324262e332834326f32343338202528013223206f262e37"><span class="__cf_email__" data-cfemail="b4d3c6d1d3dbc6ddc1c79ac7c1c6cdd5d0ddf4c7d6d59ad3dbc2">[email protected]</span></a> or Curtis
B. Rich, Agency Clearance Officer, 202-205-7030, <a href="/cdn-cgi/l/email-protection#284b5d5a5c415b065a414b40685b4a49064f475e"><span class="__cf_email__" data-cfemail="d1b2a4a3a5b8a2ffa3b8b2b991a2b3b0ffb6bea7">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: The Small Business Investment Act authorizes
SBA to guarantee a debenture issued by a Certified Development Company
(CDC). The proceeds from each debenture are used to fund loans to
eligible small business concerns (``504 loans''). 15 U.S.C. 697(a). The
Small Business Act and the Small Business Investment Act mandate that
all guaranteed loans provided by the SBA to small business concerns
(SBCs) must have a reasonable assurance of ability to repay. See 15
U.S.C. 636(a) (6) and 687(f); see also 13 CFR 120.150. The information
collections described below--SBA Form 1244 is part of the application
process for a 504 loan. SBA issued Information Notice under control
number 5000-20056 on September 30,2020 for the retirement of Form 2450.
Additionally, in accordance to the National Defense Authorization
Act (NDAA)/Small Business Runway Extension Act (SBREA) for Fiscal Year
2022 rule, the SBA will use its administrative discretion to permit
loan applicants to choose between 3 years and 5 years for receipts-
based size standards, and from 12 months to 24 months for employee-
based size standards. (15 U.S.C. 632(a)(2))
Solicitation of Public Comments
SBA is requesting comments on (a) Whether the collection of
information is necessary for the agency to properly perform its
functions; (b) whether the burden estimates are accurate; (c) whether
there are ways to minimize the burden, including through the use of
automated techniques or other forms of information technology; and (d)
whether there are ways to enhance the quality, utility, and clarity of
the information.
Summary of Information Collection
Title: Application for Section 504 Loans.
Form Number: SBA Form 1244.
Description of Respondents: Small Business Concerns applying for a
section 504 loan and Certified Development Companies.
The information collected by this form is used to review the
eligibility of the small business concern (SBC) for SBA financial
assistance; the creditworthiness and repayment ability of the SBC; and
the terms and conditions of the 504 loan for which the SBC is applying.
SBA has established a streamlined loan application processing
procedure known as the Abridged Submission Method (ASM). Under this
process, the CDCs are required to collect and retain all exhibits to
SBA Form 1244 but are only required to submit selective documents. CDCs
using the non-ASM method are required to submit all documents and
exhibits required for Form 1244.
The burden estimates (based on the experience of the CDCs and SBA
field offices) of the burden hours imposed by use of these forms,
including exhibits, are as follows:
There are 200 CDCs affected by the information collection. The
total number of small business concerns that will annually respond to
Form 1244 is approximately 7,119 based on the average submission of
applications submitted from CDCs over the past FY using both the ASM
and non-ASM methods. This is a total of 7,119 respondents. Burden hours
are 2.25 hours for PCLP Loan and ALP Express Loan, 2.5 hours for ASM,
and 3.5 hours for non-ASM submissions.
Submission through delegated authority: 15 x 2.25 = 34 burden
hours.
[[Page 57496]]
Submission through the ASM: 5,695 x 2.5 = 14,238 burden hours.
Submission through non-ASM (standard method): 1,409 x 3.5 = 4,932
burden hours.
Total burden hours: 19,204.
OMB Control Number: 3245-0071.
Curtis Rich,
Agency Clearance Officer.
[FR Doc. 2024-15442 Filed 7-12-24; 8:45 am]
BILLING CODE 8026-09-P
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